HOW THE INTERNET OF THINGS IS RESHAPING PAYMENTS
The Internet of Things (IoT) will have a significant impact on many industries from manufacturing to health and insurance. At first glance, IoT impact on banking is less obvious. And yet, we assert that IoT also matters for banking, and especially for the payments industry. As devices and entire platforms (e.g., cars) connect to the Internet, they become conduits for commerce transactions and require payments capability. IoT will change how commerce and transactions are conducted, and in turn, will require changes in payments.